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Industrial output growth slows to 3.4% in June; inflation worrisome

Industrial output growth slows to 3.4% in June; inflation worrisomeNew Delhi - Industrial output slowed down in June to 3.4 percent though it remained in the positive territory for third month in a row, while retail inflation inched up marginally in July on account of costly vegetables.

Not worried over the moderation of IIP, India Inc expects that the steps taken by the government to revive growth will yield results.

Insurance Bill likely to be soon referred to Select Committee

Insurance Bill likely to be soon referred to Select CommitteeNew Delhi : The controversial Insurance Bill is likely to be referred to the Select Committee of Parliament in a day or two amid receding hopes in the government over convincing the Opposition on supporting its first major economic reform initiative.

The bill, which proposes hike in FDI in insurance sector to 49 per cent, has been caught in a logjam with Congress-led Opposition insisting on referring it to a Select Committee.

Sun Pharma posts profit of Rs 1,390 cr in Q1

Sun PharmaceuticalNew Delhi : Sun Pharma Tuesday posted a consolidated net profit of Rs 1,390.51 crore for the first quarter ended June 30.

The company had posted a net loss of Rs 1,276.10 crore for the same period of previous fiscal.

Net sales of the company rose to Rs 3,926.85 crore for the first quarter, as compared to Rs 3,482.18 crore in the same period of previous fiscal, Sun Pharmaceutical Industries Ltd said in statement.

Industrial output growth slows to 3.4% in June

Industrial-outputNew Delhi: Showing signs of sluggishness in the economy, growth rate of industrial production slowed to 3.4 percent in June, as against 5 percent in May, mainly due to lower output of consumer goods.

However, the factory output number has remained in the positive territory for the third month in a row mainly due to a better show by manufacturing, mining and power sectors and higher output of capital goods.

The output, as measured by the Index of Industrial Production, had contracted by 1.8 percent in June, 2013.

Lavazza exits coffee shop biz in India; sells Barista brand

LavazzaNew Delhi: Italian coffee brand Lavazza Tuesday announced exit from coffee shop business in India by selling its Barista brand to Carnation Hospitality.

The company, however, will continue to supply coffee to Barista through a long-term supply agreement.

Lavazza in a statement said it has decided to lay greater focus on its core business, which is coffee.

Commenting on the announcement, Lavazza CEO Antonio Baravalle said: "The decision to move out of Barista has been taken accordingly with the global business guidelines of the group to no longer manage directly the coffee shop business."

Ericsson wins Vodafone India's contract for payment solutions

Ericsson-VodafoneNew Delhi: Network solutions major Ericsson Tuesday said it has won a contract from Vodafone India to deploy its payment solutions in seven circles for the country's second largest telecom operator.

Financial details of the deal were not revealed.

The five-year contract covers new circles of Uttar Pradesh (W), Uttar Pradesh (E), Punjab, Haryana and Himachal Pradesh, besides Mumbai and Maharashtra.

"Ericsson Charging platform to be launched across 7 Vodafone circles, enabling new revenue-generating features and potential payment convergence across prepaid and postpaid segments," it said in a statement.

IOC posts Rs 2,523 crore profit in June quarter

IOC posts Rs 2,523 crore profit in June quarterNew Delhi: Indian Oil Corporation (IOC), the nation's biggest oil firm, Tuesday reported a net profit of Rs 2,523 crore in the June quarter after government and upstream firms made good most of its losses on fuel sales.

It had reported a net loss of Rs 3,093.23 crore in April- June of last year on delays in payment of government subsidy.

"The net profit was mainly because of a foreign exchange gain of Rs 128 crore in Q1 as compared to a foreign exchange loss of Rs 4,024 crore," IOC Chairman B Ashok told reporters here.

Gold price recovers marginally to Rs 28,750 per 10 grams

Gold-priceNew Delhi: After two days of losses, gold prices recovered by Rs 25 to Rs 28,750 per 10 grams in the national capital on Tuesday on the back of buying by jewellers for the festive season amidst a firming global trend.

Silver also rebounded by Rs 275 to Rs 44,275 per kg on increased offtake by industrial units and coin makers.

Traders attributed the recovery in gold prices to fresh buying by jewellers to meet festive season demand and a firming global trend as investors weighed tension over Ukraine.

'Singham Returns' is bigger, better, more real film, says Ajay Devgn

Ajay-DevgnNew Delhi, August 12 : Ajay Devgn has revealed that his upcoming film, 'Singham Returns' is a bigger, better and a more real film than its prequel 'Singham'.

Speaking exclusively to ANI, Devgn, who was in New Delhi to promote the film along with his co-star Kareena Kapoor Khan, said, "Singham Returns is a more real, bigger, better, more drama, more romance, more humor, and what I like about it is, that it is with the times today and we have kept it more real than the previous one."

Xiaomi MI3 sold out once again, in less than 5 seconds

Xiaomi-MI3New Delhi, Aug 12 : Xiaomi MI 3, the fastest MI phone at an affordable price, is sold out once again, within 5 seconds.

The phone, which has a Flipkart exclusive policy making it available only on the online shopping portal, started its sale at 2pm, with 20,000 devices to be sold, but the phone was out of stock in less than a minute.

This is the fourth time Xiaomi has put the device on a flash sale.

MI3 comes with IPS Retina display, 5-inch full HD screen, a 13MP rear and 2MP front camera both capable of recording 1080p HD videos. It has a 2.3 Ghz processor, 2GB RAM and 16GB flash memory and is powered by a

Proud to be 33, married and working with big stars: Kareena

Kareena-KapoorNew Delhi: Married actresses not getting good roles is a thing of past in Bollywood, according to Kareena Kapoor Khan, who says her career did not suffer any setback after she tied the knot Saif Ali Khan and she still gets to work with top stars like Aamir, Salman Khan and Ajay Devgn.

The 33-year-old actress married Saif in 2012, and right after the wedding she starred opposite Aamir Khan in `Talaash`, did an item number in Salman-starrer `Dabangg 2` and was part of Prakash Jha`s `Satyagraha` with Amitabh Bachchan and Ajay Devgn.

Adani-IOC,GAIL among bidders for piped gas supply in 14 cities

AdaniNew Delhi: Adani Gas-Indian Oil combine and state gas utility GAIL were among nearly a dozen firms that bid for licenses to retail CNG and piped cooking gas in 14 cites including Bengaluru and Pune.

Other firms that bid for city gas distribution licenses at the close of bidding yesterday included Bharat Petroleum Corp Ltd (BPCL), Hindustan Petroleum Corp Ltd (HPCL), Gujarat Gas and GSPC, sources said.

Gold futures down on weak global cues, profit-booking

GoldNew Delhi: Amid a weak trend overseas and profit-booking by speculators, gold prices fell 0.22 percent to Rs 28,570 per 10 grams in futures trade on Tuesday.

At the Multi Commodity Exchange, gold for delivery in October eased by Rs 63, or 0.22 percent, to Rs 28,570 per 10 grams in a business turnover of 377 lots.

Likewise, the metal for delivery in far-month December shed Rs 58, or 0.20 percent, to Rs 28,575 per 10 grams in 2 lots.

Delhi Metro station country's first to get solar power plant

Delhi Metro station country's first to get solar power plantNew Delhi : In a first-of-its-kind initiative in the country, Delhi Metro Rail Corporation (DMRC) on Monday launched the operation of a solar power plant at its Dwarka Sector-21 Metro station.

The plant was inaugurated by Urban Development Minister Venkaiah Naidu at the Metro Bhawan here in the presence of, among others, Union Minister of State for Power, Coal and Renewable Energy, Piyush Goyal, and DMRC Managing Director Mangu Singh.

Gross revenue of 22 telecom operators drop in Oct-Dec FY14

Gross revenue of 22 telecom operators drop in Oct-Dec FY14New Delhi - Gross revenue of 22 telecom operators, including Bharti Airtel, RCom, BSNL and Tata Teleservices, declined in October-December quarter of 2013 compared to the previous quarter, government said on Monday.

WTO: India files appeal in steel products dispute

WTO: India files appeal in steel products disputeNew Delhi : India has filed a notice of appeal against portions of the WTO order in a case relating to imposition of countervailing duty by the US on domestic steel products.

"On 8 August 2014, India filed a notice of appeal regarding the panel report in United States ? Countervailing Measures on Certain Hot-Rolled Carbon Steel Flat Products from India," WTO said in a statement.

Bajaj launches two new models under the Discover range

Bajaj-Discover-150FNew Delhi: Bajaj Auto on Monday launched two bikes under the Discover range priced up to Rs 58,739 (ex-showroom Pune).

Discover 150F is priced at Rs 58,739, while Discover 150S is available for Rs 51,720 for drum and 54,725 for disc variants, Bajaj Auto Ltd said in a statement.

"These Discover 150 bikes break away from the current basic bikes available in the market to give the consumer an exciting and energising ride," it added.

Prasar Bharati rubbishes reports of sacking RJs aged above 35

Prasar-BharatiNew Delhi, Aug 11 : Prasar Bharati today rubbished reports of sacking radio jockeys aged above 35, and said it was planning to conduct voice modulation tests.

According to the organization, the review panel of PrasarBharati has decided to subject the radio jockeys to a skill test, entrusting the task to agencies whose neutrality and credentials are beyond doubt. Those currently on the panel of Casual RJs, and also those who are aspiring to join the ranks, may take the skill test as and when it is held.

Bank of India raises Rs 2,500 crore from bonds

bank-of-indiaNew Delhi: State-owned Bank of India (BoI) has raised Rs 2,500 crore from Tier I bonds to fund its business expansion plans.

Funds have been raised through Basel III compliant Tier-1 bonds by way of private placement of Rs 1,250 crore with a green shoe option of Rs 1,250 crore, BoI said in a statement on Monday.

These bonds will be listed on the wholesale debt market (WDM) segment of the NSE, it said. BoI reported a 16.39 per cent drop in its net profit to Rs 806 crore in the June quarter.

The bank had posted a net profit of Rs 964.18 crore during the corresponding quarter in the previous fiscal.

Hyundai launches Elite i20; price starts at Rs 4.9 lakh

Elite-i20New Delhi: Hyundai Motor India on Monday launched all new version of its premium compact car i20 priced between Rs 4.9 lakh and Rs 7.67 lakh (ex-showroom Delhi).

The second generation model -- i20 Elite -- would compete with the likes of Maruti Suzuki's Swift and Volkswagen Polo, priced between Rs 4.42 lakh and Rs 7.99 lakh (ex-showroom Delhi).

Commenting on the launch, Hyundai Motor India Ltd (HMIL) Managing Director & CEO B S Seo said since the launch of first generation i20 in December 2008, the company has so far sold 7.34 lakh units in the country.


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